Huge $500,000 move that will have Anthony Albanese laughing all the way to the bank this weekend

Prime Minister Anthony Albanese will pocket a profit of about half a million dollars on Saturday when he sells his Sydney investment property.

The three-bedroom townhouse in the inner-west suburb of Dulwich Hill is expected to fetch around $1.9 million, up from $1.175 million when Albanese bought it in 2015, an increase of more than 60 percent.

As a result, Mr. Albanese would make a capital gain of about $618,000 (if he borrowed the entire mortgage) and pay a capital gains tax of about $145,000 at the reduced rate of 50 percent.

Mike Mortlock, director of MCG quantity surveyors, said The Herald Sun the capital gains credit would reduce the tax amount from $329,000 to $164,500.

He also estimated that Mr Albanese would have negatively furnished the property for between $18,143 and $24,782 per year, while collecting around $680 per week in rent.

Real estate expert James Fitzgerald speculated that the Prime Minister will “probably get back 45 cents on the dollar. [property] he’ll probably get about $18,000 back, which would cost him $22,000 even with the negative gearing benefit.”

“That might be the reason he’s selling it, because it’s costing him a lot of money to hold on to it,” he said.

Mr. Albanese’s salary is $564,356, which puts him in the top tax bracket at 45 cents on the dollar.

The two-storey, three-bedroom mansion in the western Sydney suburb of Dulwich Hill is set to fetch about $1.9 million at auction on Saturday

The listing for the home on realestate.com notes that the two-story property has a “contemporary style and high-end design.”

“Immaculately crafted for modern family living, this fantastic home offers three bedrooms and a study,” the listing said.

‘It exhibits sensational attention to detail, with striking finishes reflected throughout the all-brick construction, with a flowing layout that optimizes natural light, space and privacy.’

A ‘sleek kitchen’ is fitted with a gas hob, 60mm stone worktops, polyurethane cupboards and a dishwasher, the ad says.

Jim Flanagan, the property’s long-term tenant, made headlines earlier this year when he begged the Prime Minister not to bail him out during the country’s housing crisis.

“It’s just not a good fit for (Mr Albanese) to sympathize with the majority of Australians who, like me, find the current climate extremely challenging,” Mr Flanagan said.

However, the struggling bar owner was given his marching orders in May with a 90-day eviction notice.

The advertisement for the property states that it has ‘a flowing layout that optimizes natural light, space and privacy’

The two-storey townhouse has three bedrooms (one pictured), a study and two balconies

The sleek kitchen is equipped with a gas stove, 60mm stone worktops, polyurethane cabinets and a dishwasher

After it was leaked that the Treasury was planning to make changes to negative gearing, a senior opposition spokesman accused the prime minister of timing the rule changes for personal gain.

“Pretty remarkable, isn’t it, now that Anthony Albanese has finished making a ton on his rental property, he’s selling it and letting the Treasury see how he can pull the ladder up behind him,” he told the Daily Mail in September Australia.

Last month, Albanese presided over a series of awkward interviews in which he denied that his government would break its promise not to touch negative gearing or capital gains taxes.

Mr Albanese previously said the decision to sell the Dulwich Hill home was due to ‘changing circumstances’ and his impending marriage to Jodie Haydon.

Long-term renter Jim Flanagan, 45, (pictured) begged Mr Albanese not to sell the house but was given 90 days to vacate in May

“I have the right to make decisions in my personal life, including the sale of a property that I own, because I want to move in a different direction in my personal life,” Mr Albanese said.

‘The property was purchased when my personal circumstances were different.’

He was still married to former NSW Deputy Premier Carmel Tebbutt when he bought the house in 2015.

If Saturday’s auction goes as planned, it won’t be the first time the Prime Minister has made a tidy sum from real estate.

In 2022, after securing the premiership, along with his two official taxpayer-funded homes in Canberra and Sydney, Mr Albanese sold his Canberra apartment for $660,000.

The apartment on Macquarie Street in Barton, just a 15-minute walk from Parliament House, was sold at auction on August 20 after 24 days on the market.

The Prime Minister bought the flat for $162,000 in December 1996, the same year he was first elected to the seat of Grayndler in Sydney’s inner west.

Mr Albanese still owns a home in the western Sydney suburb of Marrickville, where his electoral office is also located.